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CITY OF COLTON ,\ <br />AGENDA REPORT <br />For Council Meeting of April 21, 1992 <br />TO: HonoXav <br />2�_arnor and ity o <br />FROM: Za cono is Development Director <br />SUBJECT: Date: April 15, 1992 <br />CONSIDER FIRST READING OF SALES AND USE TAX ORDINANCE <br />FOR PLAZA LAS GLORIAS --- <br />BACKGROUND: <br />The Redevelopment Agency for the City of Colton recently entered into an Amended Owner <br />Participation Agreement with Plaza Las Glorias for the redevelopment of the <br />Mt. Vernon Shopping Center within the City of Colton. That agreement requires the <br />enactment of certain sales and use tax ordinances and implementing agreements as one of <br />the financing tools being used. <br />Attached for your review please find an implementing ordinance that amends the Colton <br />Municipal Code to grant credits against sales and use taxes owed to the City relative to the <br />Plaza Las Glorias Shopping Center. <br />RECOMMENDATION: <br />Staff recommends that the City Council waive full reading and approve for first reading of <br />Ordinance, by title, as follows: <br />AN ORDINANCE OF THE CITY OF COLTON <br />AMENDING CHAPTER 3.28 OF TITLE 3 OF THE <br />COLTON MUNICIPAL CODE TO GRANT CREDITS <br />AGAINST SALES AND USE TAXES OWED TO THE <br />CITY OF COLTON IN THE AMOUNT OF SALES AND <br />USE TAXES PAID, IF ANY, TO THE COLTON <br />REDEVELOPMENT AGENCY. <br />-Report prepared by Wendy J. Holland, Economic/Redevelopment Associate <br />Concurren'ceKa- <br />Attachments: <br />Ordinance <br />Page 1 of__ 1_ Item No. / <br />